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State permits clear way for 2 gas pipes; CEO bids to take Canadian Solar private

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State permits clear way for 2 gas pipes; CEO bids to take Canadian Solar private

Top News

EPA clarifies current status of new source review program as reforms are studied

The U.S. Environmental Protection Agency has clarified its stance on the new source review program, a complex provision of the Clean Air Act that sets the threshold under which projects trigger the need to install more stringent, state-of-the-art emissions controls.

State permits clear the way for Mountain Valley, Atlantic Coast projects

With the Virginia Water Control Board's water quality certification for the EQT Corp.-led Mountain Valley pipeline and hearings scheduled for the Dominion Energy Inc.-led Atlantic Coast pipeline, the natural gas transportation projects draw close to construction authorization from the Federal Energy Regulatory Commission.

CONSOL Energy president steps down

Katharine Fredriksen stepped down as president of CONSOL Energy Inc., effective Dec. 4. CEO James Brock is assuming the additional role of president, according to a Form 8-K filing.

Power

* Canadian Solar Inc. Chairman, President and CEO Shawn Qu is proposing to take the company private by acquiring all outstanding shares he doesn't own with his wife for cash consideration of $18.47 per share.

* U.S. Environmental Protection Agency Administrator Scott Pruitt caused a flurry of confusion during a Dec. 7 U.S. House hearing when he said that he would be replacing the Clean Power Plan.

* The U.S. Department of Energy has authorized Alvin W. Vogtle Nuclear Plant owners to receive from Toshiba Corp. all remaining scheduled payments totaling $3.2 billion by Dec. 15. In a statement, Georgia Power Co. said its proportionate share of the payments for the project is approximately $1.47 billion.

* In a move sure to anger municipalities seeking to broaden consumers' energy choices, regulators announced a proposal to require community choice aggregators to comply with state resource adequacy rules before they can start serving customers.

* Xcel Energy Inc.'s planned retirement of 660 MW of coal-fired capacity at the Comanche units 1 and 2 in Colorado is complicating negotiations for a nearby steel mill to expand, The Pueblo (Colo.) Chieftain reported. Evraz North America PLC, Xcel's largest retail customer in the state, wants assurance for low electricity prices, before it commits to the $500 million expansion project.

* Outgoing New Jersey Gov. Chris Christie wants to consider a bailout bill for nuclear power plants before his successor Phil Murphy takes office on Jan. 16, 2018, Reuters reported. "I think having nuclear power in the state is an important thing to have and I think it's important for our energy security to have it and I think it's a positive thing from an environmental perspective to have nuclear here," Christie was quoted as saying.

* Juneau Hydropower Inc. received the last major regulatory approval from the U.S. Forest Service to proceed with construction of a hydroelectric dam in southeast Alaska, according to The Associated Press.

* Liberty Utilities (Granite State Electric) Corp. is seeking approval from the New Hampshire Public Utilities Commission for a battery storage pilot program in the state.

Natural gas/Oil

* Energy remains a polarizing topic, but gas utility advocates hope to continue carving out a larger role for natural gas in 2018. "It is more of a challenge than I've ever seen, and I came to Washington [D.C.] in 1981," said Dave McCurdy, the American Gas Association's president and CEO. "There is more emotion and less fact discussion today than I've ever seen."

* The Minnesota Public Utilities Commission rejected the state Department of Commerce's environmental impact statement for the Line 3 pipeline replacement project after deeming the EIS as "inadequate," the Minneapolis Star Tribune reported.

* Mexico's imports of U.S. natural gas are expected to increase while the country builds out its domestic gas infrastructure and works to expand gas production and gas-fired power generation as part of a broad energy reform process, a government official said Dec. 7.

* Catalyst Midstream Partners LLC subsidiary Stateline Crude LLC has launched a binding open season for long-term contractual commitments to a new crude oil gathering and related pipeline to serve the Delaware Basin.

* U.S. Sen. Jeff Merkley, D-Ore., withdrew his "tepid support" for the Veresen Inc.-led Jordan Cove LNG export project proposed for Oregon's coast, The Oregonian reported.

* The Vermont Public Utilities Commission is hiring an independent expert to investigate Vermont Gas' Addison natural gas pipeline project due to safety concerns, according to Vermont Public Radio.

* Christopher Smith, a former Obama administration energy expert, has joined Cheniere Energy Inc., amid the company's push to expand its liquefied natural gas exports, Bloomberg News reported.

* Dover Corp. has announced plans to spin off its upstream energy businesses into a stand-alone, publicly traded company. The resulting business will be a provider of full range oil and gas production technologies and solutions, wellsite productivity software and industrial internet of things solutions.

Coal

* Contura Energy Inc., through its subsidiaries, sold the Eagle Butte and Belle Ayr coal mines in Wyoming's Powder River Basin to Blackjewel LLC for a deferred consideration of up to $50 million through various royalty payments. The deal, which also included related coal reserves, equipment, infrastructure and other real properties, will eliminate about $200 million in undiscounted reclamation obligations for Contura. The two mines shipped 24.5 million tons through the first three quarters of 2017.

* An accident that led to the death of a miner who struck his head on metal beams on a mine roof occurred because the operator failed to adequately task train the victim, according to a federal report.

* Arch Coal Inc. agreed to repurchase 500,000 of its common shares from Monarch Alternative Capital LP-managed investments funds for $83.03 per share. This share repurchase would count toward its existing program of up to $500 million.

* A few days after his trial began, the second man indicted in the death of former Patriot Coal Corp. President and CEO Bennett Hatfield has been convicted of first-degree murder and conspiracy to commit robbery, the Associated Press reported Dec. 8.

* China's coal imports fell to 22.05 million tonnes in November, from 26.97 million tonnes a year ago, Reuters reported, citing data from the General Administration of Customs.

Commodities

* Although bid-and-offer spreads were slightly tighter during the week ended Dec. 8, midpoint prices for emissions allowances under the Cross-State Air Pollution Rule were little changed.

* After a settle up a scant 0.9 cent at $2.772/MMBtu ahead of the weekend, NYMEX January 2018 natural gas futures extended higher overnight leading up to the Monday, Dec. 11, open, in technical buying as the contract approached oversold conditions and some weather support.

* Following a mixed day of trade Dec. 8, next-day power could open the workweek on a mixed tenor Monday, Dec. 11, as generally softer demand expectations for Tuesday run counter to a steady uptick in natural gas prices.

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New from RRA

* On Dec. 6, Senate Bill 754 was introduced in the South Carolina Senate that, if enacted and upheld by the courts, would significantly negatively impact the regulatory treatment to be accorded South Carolina Electric & Gas Co. regarding its abandonment of V.C. Summer nuclear units 2 and 3.

Quoted

"To date, the commission has received over 1,500 submissions. In addition, the commission has sworn in two new members within the last two weeks. The proposed extension is critical to afford adequate time for the new commissioners to consider the voluminous record and engage fully in deliberations," Kevin McIntyre, new chairman of the Federal Energy Regulatory Commission, said in a letter to U.S. Energy Secretary Rick Perry, requesting a 30-day extension of the deadline to act on the DOE's proposal to ensure cost recovery for certain coal and nuclear plants.

The day ahead

* The New York State Economic Development Power Allocation Board will hold a meeting at 11:30 a.m. ET.

* Early morning futures indicators pointed to a higher opening for the U.S. equity markets. To view more SNL equity market indexes, click here. To view more SNL Energy commodities prices, click here.

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